Canara Bank PMAY Interest Rates 2021, Eligibility, Documents, Income Criteria

Canara Bank Home Loan for Pradhan Mantri Awas Yojana – Find Latest ✓ Interest rates ✓ Repayment period ✓ Eligibility loan amount ✓ Documents requirement ✓ income tax benefits ✓ Approved Projects ✓ Loan Schemes for PMAY / Modi Awas Yojana / Modi Housing Scheme ✓ EMI per month. To get instant quotes within seconds for apply home loan online. Canara Bank is the no.1 housing finance company in India.

Canara Bank Home Loan Details for PMAY

Subsidy Subsidy shall be available for loan up to first 6 lakh
Income Criteria For Borrowers 3 lakhs to 6 lakhs.
Proof Of Income For Salaried : Salary Slip, Form 16, ITRs whichever is applicable & For Self-employed : Self declared income certificate/ Affidavit upto 2.50 lac of income
Proposed Property Area 30 sqr meters to 60 sqr meters.
Age Of The Beneficiaries
21 to 55 years
Repayment Upto age of 70years or 15 years including moratorium period
Disbursement Maximum within 4 installments
Margin Loan upto Rs.20 lacs : 10% & Loan above Rs.20 lac upto Rs.30 lac : 20%
How Subsidy Adjustment Interest subsidy would be credited in the loan account
How Subsidy Is Computed Interest subsidy to be computed based on Net Present Value(NPV) method.
Amount Limit No loan amount limit under this category

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Objective of the scheme : The objective of the scheme is to provide financial assistance to the low income group category viz EWS & LIG for purchasing & construction of residential units.

Eligible Borrowers : Applicant from the Urban area belonging to EWS/LIG categories. The beneficiary family should comprise a husband, wife, unmarried sons and/ or unmarried daughter. The beneficiary family should not own a pucca house in any member of the family in any part of across the country.

Quantum Of Finance : Maximum Rs. 30 lac, subject to maintaining Loan to Value (LTV) and repaying capacity.

Scheme Features of Credit Linked Subsidy Scheme (CLSS):
1. Interest Subsidy of 6.50% p.a. up to a loan amount of 6 lakh for 15 years or the actual term, whichever is lower, credited upfront.
2. Actual subsidy amount credited is as approved by the National Housing Bank.
3. Family Income should not exceed 6 lakh annual.
4. Applicable for customers, who are purchasing/constructing their first home.
5. The beneficiary family should not own any pucca house in their name.
6. Family means Husband/wife/unmarried children.
7. A woman has to be owner/co-owner of the property.
8. Carpet area should not exceed 60 sq.m.
9. For more details on the scheme, please refer to www.mhupa.gov.in.
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